McDonald’s Corp has picked a consortium led by private-equity firm Carlyle Group LP and Chinese conglomerate CITIC Group Corp to buy its Chinese mainland and Hong Kong stores for as much as $2 billion while keeping a minority stake in the business, according to US media reports on Tuesday [6 December 2016]…Full Article: China Daily Dec 2016
- The bidding prices for McDonald’s China fell roughly from US$3 Billion to US$2 Billion after McDonald’s decided to retain a 25% stake. At the same time, McDonald’s decided to not sell its South Korean fast food outlets.
- In October 2016, Wumart’s bidding partner, the California-based private equity firm TPG Capital, exited the bidding process for McDonald’s China. The remaining bidders included Bain Capital and Green-Tree Hospitality (partners), Carlyle Group and CITIC Group Corp. (partners), Wumart Stores Inc. (former partner of TPG Capital), and Beijing Sanyuan Group (see Beijing Capital Agribusiness Group).
- In June 2016, McDonald’s Corporation was exploring selling its mainland Chinese and Hong Kong stores. Potential bidders include Bain Capital, TPG Capital, Carlyle Group, Beijing Capital Agribusiness Group, and GreenTree Hospitality.
- In April 2015, McDonald’s announced it would close dozens of its restaurants in mainland China. As of mid-2015, McDonald’s China had more than 2,000 restaurants.
- In November 2014, McDonald’s China’s supply chain came under increased scrutiny after the US Department of Agriculture approved a genetically modified (GM) potato developed by J.R. Simplot, a McDonald’s supplier.
- In August 2014, McDonald’s in Hong Kong stopped selling fresh corn cups, green salad and fresh lemon tea as these items were primarily sourced from OSI processors in Hebei and Gaungzhou.
- In July 2014, Shanghai Husi, a division of US-based OSI Group LLC, was found to have sold expired meat to McDonald’s, Pizza Hut, Papa John’s, Seven-Eleven and FamilyMart (Japan-based convenience store).
- Founded in 2009 and headquartered in Beijing, Beijing Capital Agribusiness Group is a conglomeration of Beijing Sanyuan Group (Dairy), Beijing Huadu Group (Poultry), and Beijing Dafa Livestock. Beijing Sanyuan (SHA:600429) is its only publicly traded company in the group and was the only major dairy that was not implicated in the 2008 melamine scandal.
- Founded in 1994 and headquartered in Beijing, Wumart is one of China’s leading retail chains. Their outlets are primarily located in the northern provinces of Beijing, Zhejiang, Tianjin and Hebei.
- In October 1990, McDonald’s opened its first restaurant in mainland China (Shenzhen, Guangdong Province). In April 1992, McDonald’s opened its first restaurant in Beijing.
- In 1975, McDonald’s opened its first restaurant in Hong Kong.
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